Tagging the midpoint level of the price imbalance between $63,118 and $64,602 at $63,813.This midpoint level also roughly coincides with the 50% retracement level at $64,258, calculated from the swing low of $56,523 on May 1 to a swing high of $71,994 on May 21.If BTC bounces off $63,813, it could rally 6% to reach its previous resistance level of $67,147.If the bulls are aggressive and the overall crypto market outlook is positive, then BTC could extend an additional rally of 6% to reach its previous resistance level of $71,280.
Bitcoin falls below $66,000 level ahead of Federal Reserve officials’ speeches.
Vikram Subburaj, CEO of Giottus, noted that Bitcoin has fallen below $66,000, erasing its weekly gains. BTC’s price action suggests a further decline in the short term, with critical support at $63,000. If this trend persists, altcoins will continue to suffer against Bitcoin. $BTC #BTC